FHA house-hack in long beach/los angeles

[Max Valdes]

Hello Peeps,

Noob here,

I'm looking to purchase my first property soon. I am well aware that properties in general (99.9%) of the time don't cash-flow when purchased in the LBC/LA area (at least at current prices). I'm not playing the 'buy now and wait 5 years and sell at a gain or rent prices will increase game.' I'm seeking to buy and hold. I am considering house-hacking a multifamily since I do need a place to live and I no longer wish to live in the 'parents basement'. Since this is an overheated market, what is peoples consensus on the idea of buy now with the FHA 203 loan program. I would be putting some money out of pocket per month, but on average - it would be less than if it was an apartment. - Yes, I know -- opportunity cost/depends on how long I plan on living in the house-hack and so forth....

I'm also looking at purchasing property out of state as well. Are there any thoughts on this general plan? Bad idea? Good idea? 

Thanks!